Ocado Group signs deal with Lotte Shopping to expand into Korea - The Robot Report

Shin Dong-bin, the chairman of Lotte Group, and Tim Steiner, the CEO of Ocado Group, were both at the signing ceremony, which took place at Lotte World Tower in Seoul. Lotte Shopping announced that it has signed a partnership agreement with Ocado, a global retail technology company based in Britain, to enhance its online grocery solutions in Korea. The company will invest 1 trillion won ($705,060,000) by 2030 in "smart logistics" that focuses on fresh food to lead the 135 trillion won domestic online grocery market. Under the terms of the deal, Lotte Shopping will be able to use the Ocado Smart Platform (OSP) for all of its online shopping. OSP is a technology solution that covers the whole process of buying fresh food online, from attracting customers through mobile apps to delivering orders.